HPCL, BPCL, IOC shares jump up to 5% as crude prices slip to $75 per barrel
oil marketing companies (OMCs) Hindustan Petroleum (HPCL), Bharat Petroleum (BPCL), and Indian Oil Corporation (IOC) on Tuesday jumped up to 5% on the BSE as Brent crude prices fell to $75 per barrel, falling 3% today.
Shares of HPCL gained 5% to their day’s high of Rs 426.30 while BPCL shares went up 3.3% to Rs 351.45. Meanwhile, the shares of IOC jumped 2.5% to Rs 169.60.
At the time of market opening, Brent crude futures were down $2.26, or 2.9%, at $75.20 per barrel, while U.S. West Texas Intermediate crude futures fell $2.19, or 3%, to $71.64 per barrel as of 9:43 AM IST. Both benchmarks had settled about 2% lower on Monday.
Oil prices slid $2 in early Asian trade on Tuesday as OPEC lowered its outlook for global oil demand growth in 2024 and 2025 and a media report that Israel is willing to strike the Iranian military and not nuclear or oil targets.
Also read: Hot stocks: Brokerage views on HCL Tech, RIL, HDFC Bank and Maruti Suzuki
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